14-storey residential development proposed for King & Caroline in Hamilton
For the second consecutive week, the largest purchase occurred in Kitchener, where a 58-unit, multi-residential building at 475-477 Lancaster St. W. sold for $16.5 million ($285,000/unit). It’s a slightly high purchase price, but that’s understandable, considering multi-residential is the most robust asset class.
In Hamilton, the most exciting transaction was for 230 James St. N. The downtown mixed-use building was purchased for $2.35 million ($358/sq. ft). This purchase price appears fair: In 2021 and 2022, James St. has witnessed similar buildings trade in the high $300s to low $400s/sq. ft.
Hamilton’s Design Review Panel has reviewed three proposals, including a 14-storey, 68-unit multi-residential development for the southwest corner of King and Caroline, which is currently the site of a small retail plaza.
The intersection is on the future LRT line and is attracting extensive development:
- The northeast corner is the site of the Radio Arts residential development by Canlight.
- The southeast corner saw a 30-storey proposal in 2021 by Vrancor Group.
- Just one address to the east, McMaster University’s 30-storey graduate residence is under construction.
The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
News Headlines
Hamilton Design Review Panel: October 2022
215-217 King St W
160 King St E
2900 King St. E.
ArcelorMittal Dofasco’s ‘green steel’ transformation to start in January
The Hamilton Spectator, October 14, 2022
Municipal Benchmarking Study, Greater Toronto Area
Altus Group, September 27, 2022
Canada’s permanent resident application backlog is forcing thousands of skilled workers to quit and return home
The Globe & Mail, October 12, 2022
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